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BAME appointments on company boards slows

The number of black, asian and minority ethnic (BAME) directors across 150 biggest listed companies has remained broadly the same at 8% in the year to April, according to a report from The Financial Times.

Although the number of new BAME non-executives has reportedly almost doubled in the past five years, the number of executive directors has halved to 2.6%.

The Financial Times revealed that several initiatives were launched in October to “encourage companies to recruit senior managers” from ethnic minorities.

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A scheme to recruit 10,000 black graduate interns was also launched as well as a charter for financial and professional services which showed their support towards the BAME community.

The 2020 UK Spencer Stuart board index which covers the 150 largest companies in the FTSE rankings showed that “better progress” has been made on gender diversity.

The report showed that women accounted for 34% of board directors and 46% of non-executive directors reflecting a “three-fold rise since the last financial crisis”.

However, it concluded that women only made up about 13% of executive director positions, and 5% of chair and chief executive roles.

Tessa Bamford, leader of the Spencer Stuart’s UK board practice told The Financial Times: “The fact that 46% of all non-executives were women at the start of the Covid-19 crisis suggests that companies may be experiencing more effective scrutiny and challenge of the ‘group think’ which was associated with poor decisions in the last financial crisis.”

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